NLNG Generates $114bn Revenue, Buhari Confirms

President Muhammadu Buhari has launched “The Decade of Gas in Nigeria” initiative with a pledge that his administration would fully utilise the enormous gas resources in the country to uplift the economy and drive industrialisation, just as he confirmed that the company has generated $114billion in revenues over the years.
Setting the tone for the development of the industry in the next ten years, Buhari said given the country’s potential of about 600trillion cubic feet of gas, the commodity has the enormous potential to diversify Nigeria’s economy.
‘‘The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ the President said at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the Decade of Gas in Abuja.
According to the President, NLNG, which contributes about one percent to GDP, has generated $114billion in revenues over the years, $9billion in taxes, $18billion in dividends to the Federal Government and $15billion in Feed gas Purchase.